Once there weren't any good options for mobile trading. Now, the market is heavily saturated with mobile trading apps and other mobile broker solutions. You may find it difficult to choose the right platform for you. Here are a few things that can help you come to a decision.
What Do You Want to Trade?
Some mobile platforms work better for some options trading than others. Are you more about stocks? Do you want to trade EFTs, futures, Forex? What about mutual funds?
Even some of the most robust mobile trading platforms have limitations on what they allow you to trade. Sometimes, the commissions for one type of trade are less than others, if the app deals with a narrowly defined security type.
Do You Need to Do Research on the Platform?
While some platforms focus on trading, it doesn't mean they're also good for research. You may need in-depth history, up-to-date projections, and news on a specific security. You may also want a platform that gives you all the trends, including a ticker.
Of course, the pure glut of financial information out there can overwhelm a small screen. If you're looking for a more research-focused platform, make sure the data isn't so dense that it destroys actual usability.
Is the Platform Optimized for Your Device?
Whether it's an application or a mobile website, you need to make sure it will work on your device. Some mobile trading platforms may work better on a tablet than a smartphone. Some sites may not work as they should if you use the wrong browser on your device.
Always make sure the platform will work for your specific device before purchasing or downloading it. Make doubly sure it works on your device before making a trade or any transaction that requires sensitive information.
Is the Platform Compatible with Your Broker?
Many brokers offer an application these days so you can interact with your portfolio while on the go. These applications run the gamut from poor to exceptional. But, even if you don't use your broker's specific app, you still want a platform that's compatible with your portfolio.
Some applications are their own platforms, meaning there's no web component to go with them. Or, the app is effectively your broker. You have less of a concern with compatibility when using these types. However, not all of them will let you move securities from one platform to another.
Find the Best Mobile Platform for Your Specific Needs
A mobile web trading platform can do a lot for traders at any level of expertise. You should understand that the more you can narrow your focus, the better off you will be when choosing a platform.
No one platform yet offers the absolute full trading experience. Some come close, especially those that have a specific area of expertise. Your best bet is to use the one that comes closest to doing the things you really want it to do.